CBE: Foreign reserves rose to $46.38 bn by June-2024 end

The Central Bank of Egypt announced that the volume of foreign exchange reserves rose by 31.70%, with an increase of $ 11.164 bn during the first Half of this year, to reach $46.384 bn by the end of June-2024, compared to $35.220 bn by the end of December 2023.

On a monthly basis, Egypt's foreign exchange reserves rose from $46.126 bn by the end of last May to $46.984 bn by the end of June 2024, registering growth of 1.86% and an increase of $5.858 mn over the last month.

Foreign cash reserves are assets owned by CBE, comprising a basket of foreign currencies, gold, Special Drawing Rights units, as well as the net position at the International Monetary Fund, mostly held in US dollars.

These reserves are used to support the currency, pay off external debts, and secure the country's needs for necessary foreign cash for external economic transactions, such as importing essential goods.

Additionally, these reserves serve as an indicator of a country's economic strength or weakness internationally and regionally. They reflect international confidence in the economy and indicate the country's ability to manage its needs for strategic goods, medical products, medicines, and raw materials.